taxes for LLC FORM 1065 requires a balance sheet. With rental real estate (some properties fully depreciated)as primary business, should the balance sheet carry the properties as book value or current market Are there limitations created by carrying low?

taxes for LLC FORM 1065 requires a balance sheet. With rental real estate (some properties fully depreciated)as primary business, should the balance sheet carry the properties as book value or current market Are there limitations created by carrying low?
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Answer :

A balance sheet carries property at book value. Accounting rules do not let you mark up / mark down property as prices change. The exception to this is for real estate professionals who buy/sell property and carry it as inventory. Since you state it is rental real estate, it implies holding it for rent. You held it for a long time, because it fully depreciatied. Rest of question was cut off -- limitations created by carrying low ?????
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